For many Australian Muslims like Reem and Fouad Alameddine, the dream of home ownership has been beyond reach.
Paying or receiving interest is prohibited in Islam, so taking out a mortgage is off the table.
With no other option, the couple face the prospect of becoming lifelong renters.
"The hardest thing is the uncertainty of [renting]," Ms Alameddine said.
"And also not being able to renovate the house to fit our family."
Their aspirations of owning a home could soon be realised, after the Australian Prudential Regulation Authority (APRA) granted the country's first Islamic bank a restricted licence.
Islamic Bank Australia will test its products including home finance, savings and everyday accounts with a small number of customers, with a view to launching publicly.
The Alameddines are among nearly 8,000 people on a waiting list for the bank's official launch.
"It definitely gives us hope that we will one day be able to own our dream home and not have to keep renting and moving around," Ms Alameddine said.
The couple rent a home in Condell Park in Sydney's south-west, where they reside with their four young children.
Mr Alameddine said constantly moving over the years had taken its toll.
"We've been married for 12 years...I think in 12 years, we've moved about eight or nine times," he said.
"We need some stability in our life."
How will it work?
Islamic Bank Australia CEO Dean Gillespie described the home financing scheme as a "joint ownership model", with customers charged rent while they are living as a tenant in the bank's share of the property, instead of interest.
"[The customer] might start off with a 20 per cent deposit...that means they'd start off owning 20 per cent of the house and the bank would own the other 80 per cent," he said.
"What we allow [the customer] to do is buy more shares of that property over time."
As the customer makes rental payments, their share in the property increases, until they become the full owner.
In accordance with Islam, the bank is also forbidden from dealing with certain industries including gambling, alcohol and pornography.
Mr Gillespie said the institution would go a step further and refuse to do business with big polluters.
"We hear stories about people keeping money under the bed or in the safe at home because they haven't been comfortable putting it into the conventional banking system," he said.
"That's something that we're really hoping to remedy."
It's a model that has also sparked interest from non-Muslim customers.
"We're constantly getting inquiries from Aussie expats that have lived in the Middle East...and have used Islamic [finance] products," he said.
"They come on to our waiting list and say, 'we just really like the ethical nature of the products'."
The restricted licence allows the bank to test its products with a small group of customers for up to two years, before it can be granted a full licence.
Mr Gillespie said the institution aims to open to the public by 2024.
"There's already six or seven different Islamic banks in the UK...but there's nothing like that in Australia," Mr Gillespie said.
Why is interest prohibited?
Associate Professor Mehmet Ozalp, Director of Charles Sturt University's Centre for Islamic Studies, said Islam forbids paying or receiving interest as it's "impossible to be fair" in a transaction.
"Fair share of profit and loss is an essential aspect of the Islamic finance and banking system," he said.
"[With interest] the rich become richer and the poor become poorer...money flows in one direction.
"It also prevents trade...Islam encourages trade as opposed to interest."
According to the latest Census, there are over 813,000 Muslims in Australia, which is 3.2 per cent of the population.
Professor Ozalp said some Muslims may choose not to adhere to provisions against interest.
"Some [Muslims] don't mind...they go straight to the [conventional] banks. They don't care if it's prohibited or not," he said.
"Others look for alternatives."
While a range of non-bank lenders that offer halal finance options already exist in Australia, the new bank would be the first of its kind in the country.
Professor Ozalp said the establishment of several Islamic banks would be beneficial for customers.
"By 2024, there will be one million Muslims in Australia," he said.
"There needs to be some competition in the Islamic banking and finance space so that they get the best offers and services in this field."
